I’m not sure if this should be here or at interpersonal skills but there is currently a company in the Philippines asking people to invest and to me, in my opinion it smells like a Ponzi scheme.
Most of my friends and relatives, a lot of people, have already invested in this and have gotten great returns. And they keep bugging me to join. I told them that this is most likely a Ponzi scheme but they wouldn’t listen because they are actually getting paid out fast.
The only evidence I have that this might be a Ponzi scheme is this warning from the government that says this company is not licensed to sell securities. But when I tell them, the people recruiting me, this... they say its already old news and is no longer true. But I think the warning should have been removed if that were the case.
I think the official website of the company is: (removed)
What do you guys think, am I wrong?
If I’m right, how should I convince them to stop bugging me?
Based on Philippine law what happens to the investors who knowingly invests in such scam?
This is currently trending and a lot of people are even posting their money/payout on social media with the sarcastic caption of “It’s so great to be scammed”.
I have added the official response of SEC to my question as an answer. If I understand their response correctly, the company has registered as a corporation BUT IS STILL NOT LICENSED TO SELL SECURITIES.